Green Bonds

Overview

At HASI, we are committed to ensuring all debt we issue is dedicated to eligible green projects. Typically, for corporate unsecured debt, we pursue independent verification. Since 2013, we have raised approximately $11 billion of green debt, including securitizations and non-recourse and corporate issuances.

The HASI Green Bond Framework sets out the guidelines for our green financing issuances in accordance with the Green Bond Principles (2021) and Green Loan Principles (2023) to inform our best-efforts alignment to the EU Taxonomy. We have obtained a Second-Party Opinion on our Green Bond Framework to ensure alignment with the 2021 Green Bond Principles.

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Green Debt Issuances

Secured Non-Recourse Debt

Non-recourse, asset-backed debt managed on balance sheet

Corporate Green Bonds

Senior unsecured or convertible bonds issued as corporate obligations

Other Green Debt

Syndicate CarbonCount®-Based Unsecured Revolving Line of Credit and Term Loan A and CarbonCount® Green Commercial Paper Program²

1) From IPO through 12/31/23, Including corporate bond add-on of $200m and additional secured non-recourse debt of $94m in January 2024

2) Represents total commitments of the Sustainability Linked Unsecured RLOC, Term Loan A, and Green CarbonCount Commercial Paper Program

Secured Non-Recourse Debt

Non-recourse, asset-backed debt managed on balance sheet

Corporate Green Bonds

Senior unsecured or convertible bonds issued as corporate obligations

Other Green Debt

Syndicate CarbonCount®-Based Unsecured Revolving Line of Credit and Term Loan A and CarbonCount® Green Commercial Paper Program²

Total Green Debt ~$11 Billion¹

1) From IPO through 12/31/23, Including corporate bond add-on of $200m and additional secured non-recourse debt of $94m in January 2024

2) Represents total commitments of the Sustainability Linked Unsecured RLOC, Term Loan A, and Green CarbonCount Commercial Paper Program

Corporate Green Bonds

SECURITY NAME	INDEPENDENT VERIFIER	CUSIP	MATURITY DATE	ISSUED VOLUME	COUPON RATE	CONVERSION PREMIUM	BOND TYPE	RATINGS	CARBONCOUNT^®4
HASI-GRB-002	Ernst and Young	418751 AB9	4/15/2025	$400,000,000	6.00%	N/A	Senior Unsecured	S&P: BB+ Moody's: Baa3 Fitch: BBB-	2.01
HASI-GRB-003	Ernst and Young	418751 AD5	9/15/2030	$375,000,000	3.75%	N/A	Senior Unsecured	S&P: BB+ Moody's: Baa3 Fitch: BBB-	0.35
HASI-GRB-005	Ernst and Young	418751 AE3	6/15/2026	$1,000,000,000	3.375%	N/A	Senior Unsecured	S&P: BB+ Moody's: Baa3 Fitch: BBB-	0.39
HASI-GRB-006	Ernst and Young	418751 AG8	5/01/2025	$200,000,000	0%⁵	32.5%	Exchangeable Note	-	0.24
HASI-GRB-007	Ernst and Young (Likely)	418851 AJ2	8/15/2028	$402,500,000	3.75%	25.0%	Exchangeable Note	Moody's: Baa3	TBD
HASI-GRB-008	Ernst and Young (Likely)	418751 AL7	6/15/2027	$750,000,000	8.00%	N/A	Senior Unsecured Note	S&P: BB+ Moody's: Baa3 Fitch: BBB-	TBD

Green CarbonCount® Commercial Paper

SECURITY NAME	INDEPENDENT VERIFIER	MATURITY DATE	ISSUED VOLUME	DEBT TYPE	RATINGS⁶	CARBONCOUNT^®4	AVOIDED EMISSIONS⁷	RENEWABLE OR AVOIDED GENERATION⁷	TECHNOLOGY	GEOGRAPHIC	MARKET
HASI-GCCP-001	Ernst and Young	3/10/2022	$50,250,000	Green Commercial Paper	S&P: A1 Moody's: P1	1.66	0 (2021)	0 (2021)	Wind	National	GC

CarbonCount-Based Credit Facilities

SECURITY NAME	INDEPENDENT VERIFIER	MATURITY DATE	ISSUED VOLUME	COUPON RATE	DEBT TYPE	RATINGS	CARBONCOUNT^®8
HASI-SLL-001	Apex Companies, LLC	4/12/2028	$1,250,000,000	Term SOFR + 1.825%	Unsecured Revolving Line of Credit	S&P: BB+ Moody's: Baa3 Fitch: BBB-	0.33
HASI-SLL-002	Apex Companies, LLC	4/12/2027	$250,000,000	Term SOFR + 2.075%	Unsecured Term Loan A	S&P: BB+ Moody's: Baa3 Fitch: BBB-	0.33

3) This is the CarbonCount® metric resulting from the allocation of the net proceeds from this offering to specific Eligible Green Projects. CarbonCount® is the ratio of the estimated first year of metric tons of carbon emissions avoided (or that will be avoided) by the investment divided by the capital to be invested to understand the impact the investment is expected to have on climate change. In this calculation, we use emissions factor data, expressed on a CO2 equivalent basis, from the U.S. Government or the International Energy Administration to estimate a project’s energy production or savings to compute an estimate of metric tons of carbon emissions that will be avoided. In addition to carbon, we also consider other environmental attributes, such as water use reduction, stormwater remediation benefits, or stream restoration benefits

4) The 2025 Exchangeable Senior Notes accrete to a premium at maturity equal to 3.25%. The accreted balance at maturity is expected to be ~$220 million. Upon any exchange, holders will receive a number of shares of our common stock equal to the product of (1) the aggregate initial principal amount of the notes to be exchanged divided by $1,000 and (2) the applicable exchange rate.

5) Bank of America, N.A. (BofA) has issued a letter of credit of up to $125M as a credit enhancement to our green commercial paper program. As a result, no more than $125MM of green commercial paper will be outstanding at any point in time. The ratings above represent short-term debt ratings of BofA.

6) Avoided emissions and generation for 2021 are zero as the projects to which these proceeds were allocated were not placed in service until 2022.

7) Each CarbonCount® – Based credit facility provides for interest rate reductions if HASI achieves a certain level of its CarbonCount® metric on an annual basis. Metric represents HASI’s CarbonCount® reported in 2023.

HASI is a proud member of the Nasdaq Sustainable Bond Network. Copyright, Nasdaq 2021.